8.4-210 - Presentment by notice of item not payable by, through or at a bank; liability of drawer or endorser. - Virginia Statutes

§ 8.4-210. Presentment by notice of item not payable by, through or at abank; liability of drawer or endorser.

(a) Unless otherwise instructed, a collecting bank may present an item notpayable by, through or at a bank by sending to the party to accept or pay awritten notice that the bank holds the item for acceptance or payment. Thenotice must be sent in time to be received on or before the day whenpresentment is due and the bank must meet any requirement of the party toaccept or pay under § 8.3A-501 by the close of the bank's next banking dayafter it knows of the requirement.

(b) If presentment is made by notice and payment, acceptance or request forcompliance with a requirement under § 8.3A-501 is not received by the closeof business on the day after maturity or in the case of demand items by theclose of business on the third banking day after notice was sent, thepresenting bank may treat the item as dishonored and charge any drawer orendorser by sending it notice of the facts.

(1964, c. 219; 1992, c. 693.)